The Sunday morning news. [volume] (Jersey City [N.J.]) 1886-1891, 1887-03-06
NO LEGISLATION NEEDED.
THE OPPOSITION OF THE BUILDING
IND LOAN SOCIETIES.

They Only Want the Legislature 10 Leave
Them Acknowledgements in Favor OF "A
Supervision of Them-No County Or
ganizntion Effected.
About seventy five gentlemen who are
interested in Bulldog andLoan associations
assembled at the Lafayette Wigwam last
evening for further discussion of the
bill introduced in the Legislature by
Assemblayman Hudspeth for the govern
ment of such associations. Mr. G. F..
Southland, who was appointed secretary at
the first meeting of the associations, COM
municated with many associations, which
brought representatives of fifteen as
associations to last nights meeting. The
meeting proved very excitable and stormy.
and it was evident in the early part of the
meeting that the delegates we're IN doubt
as to the real subject that was to be
brought up for discussion. 1t partook
more of the character of debating club,
and the discussion was principally between
several lawyers on one side and laymen
on the other. The law appertaining to
building and loan associations was pullsd
apart and knocked almost out of shape,
and so many interpretations OF 1t were
advanced ttat it was impossible for the
majority OF the delegates to know what
the law was. The discussion became SO
heated that many personalities we're in
dulged in, and the meeting was at one time
in an uproar. The meeting opened about
half-p eight. Mr.. .james Leonard
cted as president and Mr. G. F. Southland
as secretary. Mr.. Cole moved that per-
manent organization be effected, The Off
GERS to consist of president, two vice-pres-
idents and secretary; but this was OBJ
jected to, on the ground that the Hudspeth
bill should first be discussed, and Mr..
Coles motion was temporarily withdrawn.
Mr.. Cole then made motion, which was
adopted, that each association represented
have but one vote IN the meeting, ire
spective of the number of shares repre-
scented. Mr.. Heck then moved that the
lew now in vogue be discussed, and deter
mine whether further legislation is neces-
sary. Mr.. Blois, as a substitute for MIR.
Heck motion, moved that it be tho seHse
\ of the meeting that no legislation what
ever is necessary, and the substitute was,
adopted. This was the subject discussed
during the meeting, and it brought ont
much eloqnerce and fine legal points.
Counsellor Heck, who favored further leg
islation of some character, said that the
present law relating to Building and Loan
Associations was passed in the year lS40,
before such associations were considered
of any great Importance. "The present
law" he continued, " contains some pro-
visions that at this day are simply absurd.
The provision which says that married wo-
men can hold stock in such an association
only when it is purchased By her own earn
ings, was passed because at the time women
he Qc
they do now"
He then went into long discussion of
the whole bill and declared that the law to
this day was ridiculous. He then discussed
the Hudspeth BILL 81 am not in favor do
this BILL" he said, s.but believe that some
general law, which would not interfere
with the associations governing themselves,
should be pa sad.'
Mr.. Jutes created laugh by NOV
ing that eve lawyer be limited TO spesch
of ten minutes.
Lawyer Condict next arose to oppose the
Hudspelh bill He declared that the law,
as it stands now, notwithstanding It's
antiquity, is ample and that all matters not
provided for could be governed by tue by
s laws OF the associations and no further
legislation is necessary. Mr.. Condict's
argument brought Mr.. Jutes to his feet,
asking what the lawyers would do when
they went to Trenton to discuss the bill
if they caanot agree now. Mr. Cole was
the next speaker, and directed
much of his remarks against politicians.
81 believe" he said s'that the politicians
will endeavor to tax all Building and Loan
Associations. and it is my belief that we
ought to keep away from Trenton" He
then attacked the clause in the Hudspeth
bill, which gives the authorities right to
examine the books of every association, de-
claring that it was no business of the State
how the affairs of private associations
stood.
Senator Edwards arose to reply to Mr..
Colo. Re believed that some legislation is
absolutely Mt cessary. ard the associations
should be governed by general law, such
as that by which savings banks are govern
cd. 81 thirk," he continued, that they
should be under one law, but am willing
to abide by the sense of this
meeting, except on one point, and
that is, / believe that the books
of every such association should be
examined by the State authorities, and no
man or meeting can make nor change that
opinion" He further stated that he was
not in favor of the Hudspeth bil. The
bill may suit Yankeeland,' he said, but
not Jersey men"
M. Heck arose again and flourished
document on which, he said, was printed
law which is now on the statutes, and
which subjects every building association
10 a tax OF 1-10 OF per cent upon its
cap;tal stock, and he was positive that the
majority of the delegates did not know Of
The existence of the law Senator Edwards
then arose. but ten or twelve men y lied
IN the chairman to put the motion 10 the
meeting. Senator Edwards flared up in
indignation, declaring that be would not
submit to any gag law. This had the
effect of restoring the meeting to order.
Mr.. Kruger then arose, and In thunder
mo voice declared that it was a shame
that any nan should attempt to introduce
&C., c,,Ah rnpQtipN